Insurer launches Micro Insurance program for low-income households

MAPFRE Insular Insurance Corp. has launched the Kabuhayan at Kinabukasan Alay ng Mapfre sa Pinoy (KaKAMPi) Microinsurance program to help shield policyholders and their family from costs associated with the unexpected death of family members.

The Microinsurance program intends to promote financial literacy among low-income households by providing community-based advocacy orientations on the purpose and value of insurance protection. The program helps ensure that low-income Filipino households are financially prepared or laging handa to face life’s unexpected and financially draining adversities.

The addition of KaKAMPi Microinsurance to Mapfre Insular’s product lines addresses one of the major concerns of the low-income sector, which is death in the family. Due to lack of financial resources to cope with the expenses related to a loved one’s death, many times the family of the deceased are forced to resort to desperate coping mechanisms, such as depleting their savings, use cash meant for sustaining their livelihood, sell or pawn property, borrow under usurious conditions and seek financial assistance (abuloy) from relatives, friends and local government officials.

Through the KaKAMPi Microinsurance, policyholders can have peace of mind that their family will receive financial assistance in case of death.

The program is a collaboration of various stakeholders, which include the local government of Quezon, the German Development Cooperation (GIZ) and Insular Life Assurance Co. Ltd. Inc.

For more than 30 years, GIZ, a federally owned enterprise that supports the German government in international development cooperation, has cooperated with Philippine partners in strengthening the capacity of people and institutions to improve the lives of Filipinos.

Insular Life, on the other hand, is the first and largest Filipino life insurer, which has provided Filipino families with financial protection and wealth-management products and services uninterruptedly for the past 105 years. Insular Life claims having the highest net worth in the entire Philippine insurance industry.

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Vernon Joseph Go is a Corporate Mad Hatter passionate about learning, technology, simplified finance as well as Inclusive Businesses through Social Entre/Intrapreneurship Development by bridging purpose and profit.